Sharekhan allows you to download your Profit and Loss Report online. It is the same as a Tax P&L report, and it is an essential document to calculate taxes on trading income. Traders have a “Trading Statement” that consists of a list of transactions undertaken by the person in various segments during a specific period. It consists of details such as:
- Script Name
- Purchase price
- Sale price
- Quantity, etc.
These details then help determine the Tax liability.
Steps to download Profit and Loss Report from Sharekhan
- Log in to Sharekhan portal
You can use this link
- Search for Scrip summary
Do this from the search bar. You can view scrip summary separately for all the segments i.e Equity or F&O.
- Now you can now view your Scrip summary
From the dashboard
- Click on the Excel sheet
Click on download your scrip summary
Tax Audit is required when the turnover of a taxpayer exceeds Rs. 1 cr in a particular Financial year. It is also applicable if the net profit from such transactions is less than 6% / 8% of the turnover. Additionally, a tax Audit report can only be filed by a CA.
No. Contract Turnover is the sum of the purchase value and sales value. It is not applicable for income tax purposes. Trading Turnover or Business Turnover is the absolute profit i.e. sum of positive and negative differences. This turnover is to determine the applicability of the tax audit and the applicable ITR form. Therefore, Trading Turnover is different from Contract Turnover.
This statement is used to calculate your Tax liability. Therefore, it is needed to file ITR 3.